Texarkana, Texas is located in Bowie county. It is 64 miles N of Shreveport, Louisiana (center to center) and 165 miles E of Dallas, Texas. Shreveport Regional Airport is the nearest major airport. Total population is 37,277. 48.7% counts male share of the population. 51.3% – female share. Median age is 36. Median family income is $55,309. 23% is the rate of people living below poverty line. 61% is the rate of approved payday loans Texarkana, TX. Median gross rent is $756. Median house value is $130,700. Standard Zip codes are 75503, 75501. Time zone is America/Chicago.
What are payday loans Texarkana, Texas?
Payday lenders in Texarkana, Texas, as well as banks, lend money at interest, but their activities provide tw different services . Unlike banks, MFIs cannot perform any other banking operations, for example, buying and selling currency, managing other people’s funds, transferring funds, etc.
Payday loans Texarkana, Texas are a small term loan that is issued online for a short term. The loan amount is up to $2,500. The term is from 1 to 30 days.
What is necessary for application of a payday loan?
- To take out a payday loan Texarkana, you will definitely need a ID.
- In some cases, you will have to attach another document: a driver’s license, SSN, driver’s license or military ID.
- Now we can start talking about the interest rate. Usually such loans are issued at 1-2% per day.
Not so much, but if you calculate the total for the year, it is 365%. Already more than essential. You can, of course, repay the loan earlier, but before signing the contract, it is better to read it yourself, and not completely trust the bank employee.
The agreement may underline that repayment is possible only after 2 months, and this implies 60% overpayment for the use of the loan. In case of a bad credit history, the bank has the right to request the provision of an income certificate. In principle, if there is a bad credit history, then you should count only on consumer credit. In this case, the type of collateral will be the purchased goods.
And finally, you should pay special attention to the calculation of interest payments. It may turn out that the bank will set a double rate for late payment.
What attracts customers?
Basically, the clients of payday lending companies are people who tried to take loans from the bank and were defeated. For the most part, borrowers cannot cope with the excessive requirements that banking institutions impose on the client: guarantors, liens, certificates from the place of work and a certificate of income. And what if a person does not have an official job? Or is his credit history far from ideal?
Loyalty – it is due to it that microfinance organizations are increasingly developing in the USA. In addition, online loan processing takes no more than 20 minutes, and does not require a special package of documents.
Advantages of payday loans Texarkana, Texas
The payday lending system has become widespread due to its undoubted advantages. These include:
- the possibility of issuing a loan at any time of the day or night. Online services work around the clock without breaks, holidays and weekends.
- the possibility of taking out a loan from anywhere. It is enough to have a device connected to the Internet to apply for a quick loan. You can fill out the application and send it for consideration from your home, office, transport, cafe and cinema, on the territory of your place of residence or outside it.
- ease of filling out the application. Services for issuing small loans are so simple and convenient that they easily allow you to provide the necessary data (full name, age, ID data, phone number and bank card) even to people infinitely far from programming and modern technology.
- the speed of processing an application. In a common situation, the decision to approve the application comes in the interval from 15 to 30 minutes. The delay may be due to the provision of incorrect data. Usually, in this case, the company’s employee on duty calls back to the specified phone number and clarifies the information.
- a small list of documents. To obtain the necessary amount through micro-credit institutions, there is no need to collect certificates of salary and other income, look for guarantors or pledge property.
- the main document for obtaining refundable financial assistance will be an ID. The rate of depositing. An online loan to a card is credited within 24 business hours. If a different receipt scheme is selected (bank transfer, electronic wallet, cash), the speed of processing the request will depend on the capabilities of the bank or the electronic money system.
- approval without refusals. MFIs usually do not consider the credit history of the future borrower. Therefore, a loan is issued in 99% of cases.
- the possibility of early cancellation. Many payday lending companies provide an opportunity to repay the loan issued before the expiration of the payment term, and, therefore, reduce the interest for using the money.
the opportunity to improve your credit history and, in the future, get a loan from a bank.